Heavy ETH transfers land on Coinbase exchange one after other
Whale Alert crypto tracker has shared that within the past day, two anonymous wallets have transferred hefty chunks of the second largest cryptocurrency Ethereum to the leading U.S.-based crypto exchange Coinbase.
Those transactions carried an almost identical amount of Ether: 21,410 ETH and 21,439 ETH, each worth nearly $35 million in the USD equivalent.
It is likely that these transfers were made with an intention to sell that ETH. However, as the whale moved the Ethereum to Coinbase, the ETH price took a small dive of less than 2%.
Earlier this week, there were also two massive ETH transactions made to Coinbase, each carried 150,000 ETH. However, deep analysis of Arkham Intelligence clarified that those were just internal transfers made by Coinbase between its cold and hot wallet addresses.
A few days ago, it was reported that an unknown “smart whale” bought 20,000 ETH on the Binance exchange, spending roughly $36 million USD on that amount of crypto.
Some commentators assumed that perhaps that whale was expecting a major Ethereum rise coming soon.
At the time of this writing, Ethereum is changing hands at $1,634. With Ethereum spot and futures ETFs filings submitted recently, the second most popular crypto may indeed see a major rise in the near future. However, it yet remains to be seen.